El Salvador Launches $360 Million Bitcoin Treasury Monitoring Website
Crypto News– El Salvador has introduced its own proof-of-reserves platform, offering a range of tools to monitor the country’s Bitcoin holdings through on-chain data.
The online Bitcoin treasury of El Salvador furnishes real-time insights into the nation’s Bitcoin reserves. Presently, the Central American country holds 5,748 BTC, valued at approximately $360 million, with Bitcoin trading above the $62,700 threshold as of 8:20 a.m. UTC.
In the past week alone, El Salvador has purchased seven BTC, amounting to over $438,000. Moreover, in the last 30 days, the country has acquired a total of 31 BTC, valued at $1.94 million, as per the information available on the website.
El Salvador Holds $57 Million in Unrealized Bitcoin Profits
El Salvador has been steadily accumulating Bitcoin since 2021, with an average buying price of $43,097 per BTC. With the current price of BTC soaring above $62,000, El Salvador is sitting on an unrealized profit of over $57.4 million on its Bitcoin holdings, as reported by the Nayib Bukele Portfolio Tracker website.
According to popular venture capitalist Tim Draper, El Salvador’s Bitcoin holdings could serve as a crucial lifeline for the nation. Draper believes that if the price of Bitcoin reaches $100,000, the country could achieve financial independence and pay off its loans to the International Monetary Fund.
Using a straightforward regression model, we predict a 160% post-halving price surge in the next 14 months, taking the price to between $150,000 – $169,000.
Tim Draper
FAQs
What is the purpose of the Bitcoin Treasury Oversight Site launched by El Salvador?
The purpose of the Bitcoin Treasury Oversight Site is to provide transparency and real-time data on El Salvador’s Bitcoin holdings and their value.
How much Bitcoin does El Salvador officially hold according to the oversight site?
El Salvador officially holds 5,748 BTC, which is currently worth approximately $360 million.
How often does the oversight site update its data?
The oversight site updates its data in real-time, providing the most up-to-date information on El Salvador’s Bitcoin holdings.
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